Eh, yes and no. You are getting the areas that are in contact with the cooking surface red hot, which with a flat bottom wok is a really small area. Since most woks are made out of thin metal, you aren’t getting much heat transfer to the majority of the pan like you would with gas.

Tbh the best option imo for stirfry is just to have an outdoor wok burner hooked up to a propane tank. Unless you have an industrial stove, you aren’t getting the pan hot enough on gass either.